Bakkt platform is working on the introduction of bitcoin payments in everyday purchases

Bakkt cryptocurrency platform plans to increase the use of bitcoin and other cryptocurrencies in everyday purchases.

CEO of Bakkt Kelly Loeffler and founder and CEO of the parent company Bakkt Jeff Sprecher Intercontinental Exchange say that Bakkt «negotiates" with consumer brands wishing to implement digital assets, reports Fortune.

Starbucks already plans to install Bakkt payment software at its points, which customers can use for daily payments in bitcoins . It is reported that the coffee giant owns a "significant" stake in the company.

Bitcoin has the potential to undermine the retail credit card industry, as it saves on fees. According to CardFellow, Visa, Mastercard and Discover transactions cost retailers an average of 1.95-2%. This percentage rises to 2.3-2.5% in transactions without physical use of the card, for example, when shopping in online stores.

Bakkt representatives said that their immediate goal is to make BTC a worthy investment alternative, including through the launch of supplying bitcoin futures . However, the initial trading volumes were not high.

Alex Krueger, an economist and cryptanalyst, drew attention to the difference between Bakkt and the first week of work on the Bitcoin ETF of the Chicago Mercantile Exchange.

“The volume of the first week of Bakkt amounted to about $ 5.8 million. Well, they managed to interest traders with supplying bitcoin futures. It’s a very successful launch, ” Kruger obviously wrote with sarcasm.

Bakkt's first week volume was approximately $ 5.8 million.

It managed to get traders interested in 5 bitcoin worth of its physically delivered daily futures. Quite the successful launch.

– Alex Krüger (@krugermacro) September 29, 2019

“There is either poor marketing or poor execution, not enough effort. Or maybe all of these factors combined. I can only speculate. ”

Either poor marketing, bad execution, few care, or a combination of these factors. I can only speculate.

– Alex Krüger (@krugermacro) September 29, 2019

According to Loeffler, regulation and safety of Bakkt will make Bitcoin more attractive for investment funds.

“Funds that trade on our exchanges allow us to conclude that they do not want to deal with today's unregulated markets. They need security when trading bitcoins. ”

Publication date 10/02/2019
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